Stock quotation system



1937- H. c. ROBINSON ET AL 2,068,711

STOCK QUOTATION SYSTEM Filed July 10, 1931 16 Sheets-Sheet l STOCK-RANGE K 5 Y5 M F .F m A) 4% HM MW X lq- 15 $7'0CK DIG/T CODE Inueniczrs Harold C. Robinson John lBEllam F15. E1 PRICE-D/G/T CODE Fi EU $7'0CK-PANGE CODE Jan. 26, 1937. H. c. ROBINSON ET'AL 2,068,711

STOCK QUOTATION SYSTEM Filed July 10, 1931 16 Sheets-Sheet 2 Jan. 26, H c ROBINSON E AL 1 STOCK QUOTATION SYSTEM Filed July 10, 1931 16 Sheets-Sheet 3 Inuenimrs Harold C Fx'ubinsun John I. Bellam Jan. 26, 1937. H. c. ROBINSON ET'AL STOCK QUOTATION SYSTEM 16 Sheets-Sheet 4 Filed July 10, 1931 Inuen cars Harald E. Hnbinsu'n Jul-m 1.55am

1937- H. c. ROBINSON El AL 2,068,711

STOCK QUOTATlON SYSTEM 16 Sheets-Sheet 5' Filed July 10, 1931 wwm QEQEQ Q Em QEQBQ MQQQ kufim H. c. ROBINSON ET AL 2,068,711,

Jan. 26, I937.

STOCK QUOTATION SYSTEM .Filed JuIy 10, 1951 16 Sheets-Sheet e Inuenlur's Harald C Robinson John I. Bellam v w wb x mm i GE 3% \Gt Gt Qwt wGt mGiTGiTwl at GR NH mm Elm 3m W ER NGQ 5t ut 35 3m 3m? wt 35 3E T. "mm Emhwmmm m w Q 0 Q q E w b 1 T a H QQ F N "3G n\ 3 M A 1 q 4 HM N3 N N23 H. C. ROBINSON ET AL 2,068,711

Jan. 26, 1937.

STOCK quom'rxou SYSTEM Filed July 10, 19,51

16 Sheets-Sheet 7 R QR wk @N NR Inventor-s G. Habit-Ls can Banal-n 1937- H. c. ROBINSON ET AL 2,068,711

STOCK QUOTATION SYSTEM Filed July 10, 1951 16 Sheets-Sheet 8 Inuen ar's Harald C. Robinson John I. Bellamy Jan. 26, 1937. I H. c. ROBINSON Er'AL 2,068,711

STOCK QUOTATION SYSTEM Filed July 10, 1931 16 Sh eets-Sheet 9 Harold C. Hahn-15cm Jul-m I. Ballamly Jan. 26, 1937. I

H. ROBINSON El AL v STOCK QUOTATION SYSTEM 16 Sheets-Sheet 12 Filed July l0, 1931 Jan. 26, 193 7.

H. q. ROBINSON E AL 2,068,711

STOCK QUOTATION SYSTEM Filed July 10, 1931 16 Sheets-Sheet l3 C. Hubmscm John I. Bellam IHUEH. DJ" 5 Flt v mm v QQQQQ mikbumxm H. C. ROBINSON ET AL STOCK QUOTA TION SYSTEM Filed July 10, 1931 16 Sheets-Sheet 14 Inuenlur'a Harald E. HDbiflSDT-l John I. Eell g Ell NNN E qk hl h Jan. 1937- .H. c. ROBINSON ET AL 2,068,711

STOCK QUOTATION SYSTEM Filed July 10, 19 31 16 Sheets-Sheet l5 Inuenlurs Hal-01:1 1:. Robinson Jul-1n LBEHam 7 r 5mm Jan. 26, 1937. H. c. RO'BINSON ET AL 2,068,711

STOCK QUOTATION SYSTEM Filed July 10, 1931 16 Sheets-Sheet l6 Patented Jan. 26, 1937 UNITED STATES PATENT QFFICE STOCK QUOTATION SYSTEM Application July 10, 1931, Serial No. 549,969

11 Claims. (01. 177-353) The p s t invention relates to stock-quotaerate alternately to send impulses continuously tion systems, but is concerned more particularly Ove the tr nsm ss on e during e time when with systems of this kind wherein a central-stathe Stock market is most activetion transmitter comprising a register sender is In Or e to p v a Second quotation from employed to transmit stock quotations to a plusending a new quotation immediately'following the last digit of a quotation, with the same inierval elapsing between quotations as elapses between successive digits of the same quotation. By this arrangement, the two transmitters opments are provided for setting this hundreds register, as will be hereinafter described.

5. In the stock-quotation receivers, the counting relays used to transfer the impulsing conductors to the several digit registers as the sucbeing sent too soon from the same transmitter 5 rality of receivers, each receiver having asso- When t e er s not i p ti ou ciated therewith groups of indicating devices to means is provided in each transmitter to count indicate the received stock quotations. ff he me n m r f impulse p ri that The main object, broadly state i t prowould be taken up by the other transmitter in duction of a new and improved transmitting and Sending a quotation before permitting he same 10 receiving system for transmitting information transmitter to Start a new quotation y this regarding the selling price of stocks and similar arrangement, a given transmitter Sends its qu commodities, so that such prices may be received tions at the same rate and with the same miniand set up on indicators at a plurality of places. mum Spacing between quotations e a d ess o The system herein disclosed may be considered Whether the other transmitter is working or not, 5 an improvement on the systems di l d in t and the corresponding local senders in the refollowing applications: Bellamy ct a1., Serial No. CeiVeIS therefore, given time 1301 Set up c 378,208, filed July 15, 1929; Bellamy, Serial No. q ot n on the indicators.

413,205, fil d D b 11 1929; Ne1son et a1" 3. In order to permit the operator who is set- -;Serial No. 445,746, filed April 19, 1930; and Robins D quotations on e transmitter o op a at son ct al., Serial No. 462,114, filed June 18, 1930. the highest efficiency, arreneements are made for Th U 3, applications correspond to British unlocking the stock-range keys (which are locked Patents Nos. 358,889, 368,369, 376,754 and 384,671, up while a quotation is i g transmitt d from respectively her transmitter, in order to prevent the operator General description from setting up quotations faster than they are 25 being sent out), as soon as the last digit of a As pomted out m the pnor apphcatlonsi h quotation has been transmitted, and without Common employed b stock brokers 1S waiting for the inter-quotation timing operation to post the stock-market prices on a blackboard to be rf rmed In this way, the operator can so that they and their customers may readily see Set up the final digit of a new quotation as soon 30 them' N m qrder to secure qulcker and as the last digit of the previous quotation has more efficient posting of the stock-market quotabeen sent out which arrangement, permits the tions, it is proposed in the said prior applications Operator to keep f th ahead of the Sending to provifie each of 9 Stock-brokers operation, and it allows the operator to take a ofiices with a mechanical indicating board, with a slightly longer time in setting up more dim lt 35 separate group of indicators on each bo for quotations without causing the transmitter to each 9 the broker mterestedi a wait while the next quotation is being set up. to furnish recelvmg and indicator-controlling In the present system, the number of digits apparatus each fm all controlledor character combinations in a quotation has m commo? tranfgmlttlng Statlon; been reduced from ten to eight by eliminating the 40 The present invention has to do with 1mprovehundreds digit and by curtailing the p1.ice mnge ments on a system such as outlmed briefly above, digit to a Small number of values and combim and it contains the following outstanding feamg it with the stock range digit in a Single cures: acter combination, thereby shortening the send- Order to f numaer of Stock ing time of each quotation. In line with this Quotamons 1 m tha can 6 over arrangement, the open, high, low, and last inthe transmission line, with a predetermined fredicatol. groups at the receiver are equipped with quency of lmpulsesi each of the two Workmg tens, units, and fractions indicators only. The transmittersat the transmitting station has been previous close group, however is equipped also modified so that the other transmitter can start with a, hundreds register, and Special arrange 5O cessive digits of a quotation are received are automatically brought into normal position responsive to the final digit of a quotation, so that they are immediately in readiness toreceive the first digit of the following quotation, which as stated hereinbefore is sent immediately and with no more pause than occurs between successive digits of the same quotation.

6. In order to reduce the receiving apparatus to a minimum, a single receiver with two sections is provided instead of two separate receivers, as heretofore, and the relay groups which register the stock-code and stock-range digits are made common to the two sections, while suitable connecting relays are provided to associate the common registers with whichever section corresponds to the transmitter from which a quotation is received.

In one embodiment, separate groups of transfer relays are associated with the two local senders for controlling the registration of the price digits, together with a connecting relay for each group to connect up such groups for'operation, depending upon which local sender isto be operated.

In anillustrated modification, the same set of digit-transfer relays is used for both groups of price-digit registers, thereby reducing the number of transfer relaysand simplifying the associated circuits, while suitable connecting relays are provided for connecting the branch registering conductors (as controlled by the price-digit transfer relays) to the appropriate one of the two groups'of price-digit registers.

7. In order to increase the speed at which the transfer from one digit group to another is'made, the conductors over which the impulses are received areconnected up to the digit registers by contacts of the digit-counting relays themselves instead of through contacts of separate connecting relays controlled from the digit-counting relays.

8. A special feature of themodified receiver is that the number of digit-counting transfer relays has been halved-by "providing a set of impulsereadiness for operation while the other branch group-is connected to the'main group. In this way, the connections to the digit registers are prepared in advance to the two branch groups of conductors, andthe actual transfer from one register to another is made by one of the impulse-distributing relays.

9. In order to reduce the number of relays required for selecting the "desired stock, circuit arrangements are provided for making the hundreds relays common to both sections of the receiver, while separate tens relays are provided for each section.

10. In order to provide a morereliable operating circuit for the transfer relays, contacts are provided on all four of the impulse-receiving relays for controlling the application of potential to a transfer-control impulse conductor each time a digit is received, instead of providing transfer relays operated in series with the relays of the digit registers themselves, as in the application of Robinson et al. hereinbefore referred to.

' 11. In order to reduce thenumber of slowacting holding relays from four to one, contacts board may be connected up in a different location in the brokers premises so that it will display the same quotations as are displayed on the main indicating board, and that a so-called executives board may be connected up to the receiver to show the current selling price, or last price, only of any desired number of stocks.

13. A feature of the stock-quotation receiver employed in the system disclosed herein is that the current is supplied by a motor generator instead of from a storage battery. This lowers the cost of the receiver considerably, as a motor generator is lower in-cost than a storage battery and a charger, and it enables the-potential to be removed from the relays and other apparatusof the receivers and indicating boards under the control of the central transmitting station In connection'with this arrangement, it may be pointed out that the motor'generators in all the receiving stations are automatically started responsive to the application of normal line current at the transmitting station'on the opening of the business day, and is automatically terminated responsive to the transmission of a regular impulse over the line, with the normal line current not replaced following the impulse.

Other objects and features of theinvention, mainly incidental to those hereinbefore-stated, will become apparent upon a further perusal of this specification.

Divisional application 631,906, filed September 6, 1932, covers the novel features of the new and improved register sender or transmitter used at the central transmitting station of the system, while divisional application 636,320, filed October 5, 1932, covers the novel features'of the new and improved receiver, one of which is used at the ofiice of each subscriber.

Referring now to the drawings, comprising Figs. 1 to 23, they show a sufficient amount'of equipment in a s'tock-quotation system embodying the features of the invention to enable the invention to be understood.

Figs. 1 to 5, taken together, show a transmitter Tl at the transmitting station;

Fig. 6 shows the repeater R, which. repeats the impulses received from the transmitters TI and T2 'to the lines outgoing to the-stock-quotation receivers;

Figs. '7 to 13 show one of the receivers;

Figs 14'16 show a-modification of theportion of the receivershown in Figs. 7-9;

Figs. 1'7 and 18 show one of the digit indicators used at the quotation-indicating boards;

Figs. 19, 20,-and'2l are tables showing the codes employed in transmitting stock digits, stock-range digits, and pricedigits, respectively;

Fig. 22 is a layout drawing showing how the sheets on which Figs. 1 to 13 are drawn should be arranged in order for the system to be understood best; and

Fig. 23 is a layout drawing similar to Fig. 22, showing Figs. 1416 replaced by Figs. '7-9 to disclose the modifiedreceiver.

As in the prior, pending applications referred to, the system disclosed herein is arranged "oh the assumption that two operators will be required to set up the quotations at the transmitting station. Each operator is provided with a separate transmitter. Since the stocks are identified by the letters of the alphabet (some stocks being identified by a single letter, others by means of two letters, and still others by means of three letters) the division of labor between the two operators may be conveniently made by assigning to one operator all stocks identified by the letters A to M and all stocks having the initial letter A to M, and by assigning the remaining stocks to the other operator, as is explained more fully in the prior applications referred to.

A receiver is provided in the office of each subscribing broker. Each receiver comprises two sections, corresponding to the two transmitters at the transmitting station, as well as to the two stock groups, respectively. Each section of the receiver contains a separate local sender for restoring and reoperating the quotation indicators on the indicating board.

On the indicating board, indicators of the type shown in Figs. 17 and 18 are arranged in groups of sixteen, one group for each stock being dealt in by the broker in whose office the indicating board is installed. In addition to' the regular or main indicating board, a broker may desire to have an auxiliary indicating board installed in a separate room of his ofiice for the use of a separate group of customers. Moreover, the executives board is provided for the use of one or more of the executives of the stock brokerage firm, and may be located in one of the private rooms of the brokers office.

Fig. 13 shows one group of indicators on each of the three indicating boards above-mentioned. In the case of the main board MB and the auxiliary board AB the registers are arranged in five horizontal rows, with four registers in the top row and three registers in each other row. In the top row, the first register indicates the hundreds digit, and in any other row the registers indicate the tens, units, and fractions digits, respectively. The top row of registers (PC) is arranged to indicate the previous closing price; the second row (OP) indicates todays opening price; the third row (HI) indicates the high price of the day; the fourth row (LO) indicates the low price of the day; and the bottom and fifth row (LA) indicates the last price.

At the executives board EB, only three indicators are provided for any stock, these three indicators giving the tens, units, and fractions digits, respectively, of the last price at which the corresponding stock sold.

Each receiver comprises receiving apparatus for receiving the digits transmitted from the central transmitting station, together with group-selecting and connecting apparatus for connecting up the section of the receiver for operation corresponding to the operating transmitter and consequently corresponding to the stock group from which the quotation is coming. Each receiver section comprises apparatus for selecting the desired stock group and for operating the indicators therein to set up the price digits of the received quotation.

A three-digit code is assigned to each stock whose quotations are to be transmitted by a given transmitter, and translating arrangements are provided (as disclosed in the Robinson et a1. application hereinbefore referred to) for translating the stock-letter designation of stock to the assigned group of code digits, which code digits are transmitted along with the quotation to enable the receiver to select the corresponding group of stock registers on the indicating board.

The transmitter Referring now particularly to Figs. 1 to 5, the arrangement of the transmitter Tl will be explained generally. The portion of the transmitter used to set up the stock letters and to translate them into the stock-code digits is not shown but may be identical with the apparatus used for this purpose in the application of Robinson et al. hercinbefore referred to and disclosed in Figs. 1 to 3 therein. Accordingly, for a complete disclosure of the transmitter Tl, Figs. 1 to 3 of the said Robinson et 2.1. application may be placed to the left of Figs. 4 and 5 of the present drawings.

In the present drawings, Fig. 1 shows a group of price-digit keys, by means of which the price digits of a stock quotation are set up, and a set of stock-range keys, by means of which a range di it is set up to direct the quotation to the proper row or rows of registers in a selected 1 stock group of indicators and to indicate the number and denomination of price digits contained in a quotation.

Each transmitter has two register sets and a sender. of Figs. 5, 4, and 3 (SH, ST, SU, PT, PU, PF, and SR) while register set No. 2 is indicated by the rectangle at the bottom of Fig. 2, and is a duplicate of register set No. 1.

In the register set No. 1, the registers SH, ST,

and SU register the stock-hundreds, stock-tens, and stock-units digits of the translated stock code; registers PT, PU, and PF of Figs. 4 and 3 register the tens, units, and fractions-price digits, set up successively through the medium of the price-digit keys of Fig. 4; and the stock-range register ST of Fig. 3 registers the stock-range and price-range digits set up on the stock-range keys of Fig. 1.

The sequence relays and 2533, Fig. 2, are common to both register sets and are arranged to be operated alternately to associate the register sets alternately with the apparatus used to se' the digits on the registers, including the digit keys of Fig. i.

The sender consists of the apparatus of Figs. 3 to 5 to the right of the tie cable 254 (which is used to interconnect the two register sets) and is arranged to control the sending relays 31-39 of register set No. l and the corresponding relays of register No. 2 to send out the registered digits.

The receiver .eferring now to '7 to 13, the arrangement of the receiver will be explained generally. This receiver receives all quotations transmitted from the central station, as contrasted with the arrangement disclosed in the prior applications hereinbefore referred to, wherein separate receivers are employed for responding to quotations sent out concerning the two main groups into which the stocks are divided. The receiver shown in Figs. '7 to 13, however, has separate sections for handling quotations concerning the two stock groups, with as much of the receiving apparatus as is considered practicable arranged to be common to the two receiver sections. The apparatus of Figs. '7 and 8, together with the relay apparatus at the top of Fig. 10 and the Register set No. 1 comprises the registers indicating boards of Fig. 13, is common to both receiver sections. The remaining apparatus shown in detail is individual to section I, while the apparatus individual to section 2 is indicated by the rectangle shown at the bottoms of Figs. 11 and 12.

The apparatus shown in Fig. 7 includes the four impulse-receiving relays, HH HM, the motor generator MG and associated equipment controlled by relays 125 and H36, and the relays l$il i, used to select section I of the receiver,

together with relays iilSlH, used to select section 2 of the receiver.

The apparatus Shown in Fig. 8 includes the registers SH, ST, SU, and SR, which record the stock-code digits and stock-range and pricerange digits for both sections of the receiver. Each of these registers include relays A to D, and the registers are associated with the impulse conduotors A to D in group 72H under the control of the transfer relays Bill-801.

The apparatus shown in Fig. 9 includes the registers PT, PU, and PF which register the price digits when section I of the receiver is in use. These registers are rendered effective whenever the connecting relay Bill is energized under the control of relays 199-1! i, Fig. 7.

The apparatus of Fig. 10 includes the stockselecti-on relays, together with the intermediate distributing frame IDF and the connecting relays 956i and WM. Of the stock-selection relays, there are six hundreds relays, of which H1, H2, Ht are shown, and there are sixty tens relays for each section of the receiver, of which the relays T22, T25, and T69 of section are shown, together with tens relays T'lZ, TZi, and T65 of section 2. The connecting relay will is operated over conductor 12$ to connect up the conductors extending to the contacts of the tens relays of section 1 when the quotation is coming from transmitter Ti, and relay Him is operated over conductor F20 of the second section whenever the quotation being received is coming from transmitter T2.

Fig. 11 shows the section 1 local sender, comprising relays ii l8li35, together with the impulse machine IlVi, operated by motor I i ll and common to both sections of the receiver. The upper set of contacts of the impulse machine IM controls the section 1 local sender, while the lower set of contacts controls the section 2 local sender.

Fig. 12 shows the stock-range relays I292- i2lfl, together with the connecting relay I20l, which is operated to connect these relays and price-range relay Hit of Fig. 11 to the contacts of the relays in the stock-range register SR, Fig. 8, whenever a stock quotation relating to a stock handled by section I is being received. These stock-range relays are operated to determine the row or rows of indicators in a selected stock group to be operated.

Fig. 13 shows the main indicating board MB, the auxiliary indicating board AB, and the indicating board EB, used by executives. Only one stock group and associated stock relay is shown at each board.

It may be pointed out that the connections incoming to the armature springs of the stock relays, the stock relay 1383i for example, is made preferably through jack contacts, so that any stock relay may be inserted into either of two sets of jack contacts to associate it with the multiple ofeither of the two receiver sections.

In this way, any group of indicators may be assigned to any stock in either stock group.

It is'to be noted that each of the stock relays,

i, I302, and I363, is shown in association with The contacts of the stock multiple of section 1. the multiple of section 2 are shown just below the contacts of the stock multiple of section 1, and the jack contacts are preferably so arranged that the position of the relay may be shifted only slightly to connect the relays to the multiple contacts of the other section.

The motor generator MG obtains power from the incoming commercial power leads, and it supplies current to the receiving apparatus through the bus-bars m1 and "F08.

The electro-polarized receiving relays 70!, 102,

United States Patent No. 1,673,884, granted June 19, 1928 to Harold C. Pye.

winding which cannot operate the relay alone, because of the magnetic structure, but polarizes the relay so that it is operated and released under control of the line current.

General arrangement of the system Referring now particularly to Fig. 6, the general arrangement of the system will now be explained. It is to be noted that the conductors;

A to D outgoing from the transmitters Ti and T2 are multipled together and extend to relays A to D (566-638) of the repeater R. This repeater is arranged to repeat the impulses from either operating transmitter to each of a plurality of c lines, of which the lines I and 2 are shown. The lockout relays till and 532 are controlled from the transmitters TI and T2, respectively, so that while one transmitter is operating the other is locked out and its operation prevented.

Each of the lines extending to the right from the repeater B may be common to a plurality of receivers, the receiving relays of the several receivers of a line being connected in series, with the end of each line connected to ground beyond;

the last receiver on the line. It is to be noted that each line is normally connected to the positive line battery through contacts of the repeating relays and contacts of the knife switch 564. By this arrangement, a normal biasing current flows over the line during the time no impulses are being transmitted and between successive impulses while impulses are being transmitted. This normal biasing line current maintains the polarized receiving relays normally actuated in the receivers, and it serves to reactuate them following their restoration responsive to an impulse of current delivered from the negative line to battery.

The relay 633, together with the controlling push-button 659, is provided for the purposepf controlling the starting and stopping of the motor generator at the receiver, in a manner to be explained in detail hereinafter.

Detailed description A relay of this type :9 is provided with a locally energized, polarizing m3, and 704 are of the type disclosed in the 

